wpcu mrb release press release - wpcu.pdfmicrosoft word - wpcu mrb release.docx created date:...
TRANSCRIPT
For immediate release For more information, contact: Tracy Szarzi-‐Fors, Wright-‐Patt Credit Union, Inc. (937) 912-‐7114 tszarzi-‐[email protected] www.wpcu.coop Wright-‐Patt Credit Union Assists Ohio’s Medical Marijuana Program by Providing Banking Services to
Licensed Marijuana-‐Related Businesses
Beavercreek, OH – After thorough due diligence, Wright-‐Patt Credit Union’s (WPCU) Board of Directors
has authorized the credit union to offer limited banking services to qualified, licensed and legally-‐
operating businesses involved in medical marijuana. WPCU made the decision after consulting with the
Ohio Division of Financial Institutions (ODFI), Department of Commerce (DOC) and elected state officials,
which are focused on ensuring there is proper monitoring of this new industry. The Ohio Legislature
House Bill 523, effective on September 8, 2016, legalized medical marijuana use in Ohio by patients with
21 conditions, including cancer or chronic pain. The program is currently being implemented.
Nationally, there are more than 300 financial institutions offering banking services to medical marijuana-‐
related businesses. Without banking services, these businesses would be forced to operate on an all-‐
cash basis, which can result in community safety issues and criminal activity. In addition, WPCU believes
that legally-‐operating businesses in Ohio have a right to banking services.
With an emphasis on the safety of members and the communities the credit union serves, WPCU
believes a responsibly banked industry is a safer industry. As a result, the credit union will offer limited
services to qualified companies. This does not include in-‐branch cash services or lending products. It
includes depository accounts, electronic transfers, online banking and remote deposit only.
“By offering banking services to medical marijuana companies operating legally in Ohio, Wright-‐Patt
Credit Union is contributing to the health and safety of our communities by allowing money to be
accounted for and taxed,” said Doug Fecher, president and CEO of WPCU. “Offering banking services
also aligns with Wright-‐Patt Credit Union’s commitment to support underserved businesses.”
WPCU has adopted a compliance program that meets and exceeds regulatory requirements, and a
rigorous ongoing monitoring of account transactions and sales transactions to fulfill regulatory
requirements. On-‐site inspections will be made at each company at least two times per year. To ensure
safety of members and employees, cash transactions will not be handled at Member Centers and all
medical marijuana-‐related business customers are required to use a specified e-‐commerce platform for
transactions.
About Wright-‐Patt Credit Union
Established in 1932, Wright-‐Patt Credit Union is a member-‐owned, not-‐for-‐profit financial cooperative
proudly serving Central and Southwest Ohio with more than 370,000 members and $4.3 billion in assets.
As a cooperative, Wright-‐Patt Credit Union joins members together, pooling financial resources to meet
the needs of all. The pooled resources provide the capital to run a strong and efficient operation. Wright-‐
Patt Credit Union is headquartered in Beavercreek, Ohio, and has 31 Member Centers throughout Central
and Southwest Ohio. Wright-‐Patt Credit Union’s mission is to help people through life by allowing
members to achieve a greater degree of economic independence. Visit Wright-‐Patt Credit Union’s
website at www.wpcu.coop for more information.
###